WA DFI ISSUES ACTION AGAINST GSPARTNERS, CITING CERTIFICATE SALES AND MULTI-LEVEL MARKETING PROGRAM VIOLATE STATE SECURITIES LAW
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OLYMPIA – The Washington State Department of Financial Institutions (DFI) announced today that it has issued an emergency action against Swiss Valorem Bank Ltd., GSB Gold Standard Bank Ltd., Josip Heit, and Stephn McNeal (collectively, “GSPartners”), for violations of securities laws and corresponding penalties in connection with their MetaCertificates offerings and multi-level marketing (MLM) scheme.
The action is the result of a multi-state task force of several securities regulators in the U.S. and Canada.
Under GSPartners’ MLM scheme, the Introducing Partner Programme (IPP), investors who pay an enrollment fee and complete a Partnership Agreement are eligible to sell GSPartners services and receive bonuses and commissions based on the number of people they can get to buy into the IPP — their “downline.” Investors in the IPP are eligible to receive a varying return of 2-15% on up to nine levels of sales if the investor retains three active partnership referrals in their downline.
Content retrieved from: https://dailyfly.com/wa-dfi-issues-action-against-gspartners-citing-certificate-sales-and-multi-level-marketing-program-violate-state-securities-law/.
